India has solidified its position as the third-largest startup ecosystem globally, with over 160,000 startups and a combined ecosystem worth $650 Bn. Fueled by 120 unicorns, record-breaking investments, and rapid digital adoption, startups are driving innovation across fintech, SaaS, deeptech, and more.

Beyond valuations, the ecosystem has become a major economic engine, generating 1.6 Mn jobs and propelling India toward its $5 Tn economy goal. With strong government backing and a thriving talent pool, India’s startup growth story is only getting stronger.

A recent study has tracked the impact and predicted that the total flexible workspace stock would grow from 62-64 Mn sq ft in 2023 to 124-126 Mn sq ft across tier I cities by the end of 2027.

Tech startups, which bagged over $12 Bn in funding last year, are significant drivers of office space demand in India, making up most of the 23-28% offtake by tech firms in the top nine cities. Other key sectors driving the demand include banking, financial services, and insurance (BFSI), engineering and manufacturing, and research, consulting and analytics.

The startups are expected to drive the demand for flexible, scalable, and capital-efficient office solutions by creating approximately 4.7 Mn tech-focussed jobs over the next five years and contributing over $1 Tn to the Indian economy.

At the centre of this rapid transformation stands IPO-bound IndiQube, a managed workspace provider that aims to redefine how India works. Founded in 2015 by husband-wife duo Meghna Agarwal and Rishi Das, the company has scaled to over 100 properties across 13 cities.

“We saw first-hand how startups struggled with expansion – every time they grew, they had to move to a bigger office. That’s when we realised there was a huge gap in the market for flexible, scalable workspaces that could evolve with the company’s needs,” IndiQube’s executive director and COO, Agarwal told Inc42.

What began as a provider of office space solutions has grown into a INR 868 Cr powerhouse, catering to the diverse needs of startups, enterprises, and multinational corporations alike.

But it hasn’t been a cakewalk, for sure. Agarwal steered the company to navigate some of the toughest challenges, including the Covid-19 pandemic. “Our enterprise-first approach and long-term client leases helped us ride out the pandemic blues, ensuring business continuity for clients,” she said.

But Agarwal’s journey isn’t just about building a successful business – it’s also about breaking the barriers. In an industry traditionally male-dominated, she is a rarity, holding double-digit equity in a soon-to-go-listed company, and paving the way for more women to lead in the tech revolution.

Ahead of the International Women’s Day on March 8, we caught up with Agarwal for a candid conversation to get an insight into IndiQube’s journey, secure a perspective on the evolving demands in India’s workspace market, and know about her vision for the road ahead.

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© Inc42